North West-based landlord secures £60m funding package to build new homes

This is the second cash injection that Irwell Valley Homes has received in recent years after it secured £50m from Danske Bank last year to help it deliver 1,200 homes.

The deal comes after Inside Housing reported last week that the cost of raising debt for housing associations had risen sharply as financial markets priced in the cost of inflation from the fall-out of the war in Ukraine, as well as other financial headwinds.

Helen Nicholson, executive director of finance and governance at Irwell Valley Homes, said: “With the rising cost of living, building more affordable housing and making existing homes more cost effective for our customers are key priorities for us.

“We are delighted to have secured this funding to help meet the growing needs of the communities we serve across Greater Manchester.”

Gavin Reid, associate director – loan investments at Scottish Widows, said: “We are pleased to be able to provide a funding package to support Irwell Valley Homes to deliver much-needed affordable homes in the communities they serve and help deliver its environmental strategy.

“The outcome of this investment aligns with our sustainable investment objectives, of which housing is a key part. Our facility also provides long-term cost certainty for Irwell Valley Homes with funding deferred – an important consideration for our clients given current market volatility.”